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Canada overtakes U.S. as second best place in the world to do business!

01/26

Canada, struggling to emerge from a two-year slump brought on by weak exports, has swept past the U.S., Germany and Japan in a Bloomberg ranking of the best countries for doing business.

Canada rose four places to reach second place, behind only Hong Kong, which led for a third straight year. The U.S. fell one spot to third place in the index that’s based on six criteria, followed by Singapore and Australia.

The rise in the ranking for Canada reflects recent corporate tax cuts and the impact of a weakening dollar that policy makers are projecting will help the world’s 11th-largest economy rebound from weaker-than-expected exports. A falling dollar lowers input costs relative to competitors, while the tax cuts helped make investments more profitable.